Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Seoul, Washington eye closer ties in global supply chain, vaccine delivery
South Korea and the United States have agreed to maintain close ties in the goal supply chain and continue to make joint efforts to speed up the delivery of vaccines around the globe, the trade ministry said Tuesday. South Korean Trade Minister Yeo Han-koo met his US counterpart, Katherine Tai, in Washington on Monday (US time) and shared ideas on ways to cope with the changing business environment amid the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the
Sept. 14, 2021
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Hyundai accepts early orders for mini SUV Casper
Hyundai Motor Co. said it began accepting preorders on Tuesday for the upcoming mini SUV Casper ahead of its launch in South Korea later this month. Hyundai said it is accepting early orders only through its official online channel, the first such attempt by a Korean automaker, to reflect growing demand for contactless car purchases amid the pandemic. In time for its official launch on Sept. 29, Hyundai said it will host a digital showcase event and reach out to customers through various digi
Sept. 14, 2021
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Hyosung Group Chairman Cho Hyun-joon calls for aggressive US push
Hyosung Group Chairman Cho Hyun-joon called for an aggressive, preemptive approach to increase its business foothold in the US during his recent visit there, the group said Monday. “The US holds the key to new market dynamics in the post-pandemic era,” the chief was quoted as saying by Hyosung officials in Seoul. “With thorough localization and attention to the customers’ needs, we must increase our market presence here.” Seoul officials linked the chairman&rsq
Sept. 13, 2021
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Kakao founder under FTC probe for failing to report properly on key affiliate
South Korea’s Fair Trade Commission is probing Kakao Group founder Kim Beom-su for alleged misreporting of the company’s de facto holding company in violation of the country’s fair trade act. According to industry insiders on Monday, the antitrust watchdog recently conducted site investigations at Kakao Corp. and K Cube Holdings, after finding that the group has left out necessary information or falsely reported about K Cube Holdings, an investment firm fully owned by Kim, o
Sept. 13, 2021
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Nearly half of public companies see staff numbers drop this year: report
Nearly half of publicly traded companies in South Korea saw their number of staff drop during the first half of this year, signaling the continuing impact of the COVID-19 pandemic on the economy, a new report has revealed. Among those 1,816 companies listed on either the main bourse Kospi or tech-loaded Kosdaq between 2018 and 2021, 859 reduced the number of staff from a year ago, according to the report released Monday by the Korea Economic Research Institute. The drop in employee numbers was
Sept. 13, 2021
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Samsung Heavy in talks with Russian customers to build ice-breaking LNG carriers
South Korean shipbuilder Samsung Heavy Industries Co. said Monday that it has been in talks with contractors to build liquefied natural gas (LNG) carriers to transport the LNG to be produced in northern Siberia of Russia. But "nothing has yet to be determined in the talks," Samsung Heavy said in a regulatory filing. Samsung Heavy's announcement came shortly after a report by a local newspaper that the shipbuilder is likely to win orders estimated at about 3 trillion won ($2.6 billion)
Sept. 13, 2021
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S. Korea designates more hydrogen-focused businesses
South Korea's industry ministry on Monday designated eight additional hydrogen-focused businesses eligible to receive state financial support, in line with the country's goal to slowly phase out conventional resources and go carbon neutral by 2050. The country launched a new law on promoting the hydrogen economy in February, under which companies whose business portfolio covers the sector can receive state subsidies of up to 150 million won (US$128,000). So far, 19 companies have been tapped to
Sept. 13, 2021
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Hyundai restarts local plant on resumed parts supply
Hyundai Motor Co. said Monday it has restarted production at a local plant on the resumed supply of electronic components. Hyundai Motor halted the Asan plant on Sept. 9 and 10 due to lack of chip parts, resulting in production losses of 2,000 vehicles, the company said in a regulatory filing. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. Previously, the Asan plant suspended operations from July 13 to Aug. 6 to upgrade the facilities before it begins producti
Sept. 13, 2021
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LG Innotek develops eco-friendly magnet with enhanced strength
LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has developed an environmental friendly magnet that boasts enhanced magnetic strength. LG Innotek said the latest magnet, which it developed together with Sunglim Group Industry Co., reduces the use of heavy rare-earth (HRE) metals, a key ingredient of magnets, by 60 percent compared with previous ones. Such a magnet is installed in products that need power with its magnetic pushing and pulling force. The company said
Sept. 13, 2021
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Luxury imported car sales soar 65.5% this year
Sales of high-end imported cars spiked nearly 66 percent in the first eight months of the year amid the popularity of big-ticket eco-friendly models among local motorists and a post-lockdown shopping spree, industry data showed Monday. A total of 45,042 imported vehicles with price tags of 100 million won ($85,700) or higher were sold in South Korea in the January-August period, up 65.5 percent from a year earlier, according to the data from the Korea Automobile Importers and Distributors Associ
Sept. 13, 2021
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[Herald Interview] Homegrown rocket may be ticket to join new space order
This is the first installment in a series of interviews with executives of Korean companies with space ambitions. -- Ed. In 2013, South Korea celebrated the launch of its first rocket -- the “Naro” Korea Space Launch Vehicle 1 -- from its own soil. The country’s first spaceflight success was, however, an effort that largely relied on Russian experts. Eight years later and amid an intensifying space race among superpowers, the country will attempt to launch a tru
Sept. 12, 2021
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Electricity bills likely to rise in Q4 as fuel prices soar
South Koreans may face higher electricity bills later this year, as the government is mulling a response to compensate for rising fuel prices. According to industry sources Sunday, the Ministry of Trade, Industry and Energy will decide on Sept. 23 whether to raise electricity rates for the fourth quarter. A price hike seems inevitable, as the ministry and state-run utility Korea Electric Power Corp. already froze power bills twice in the second and third quarters in reflection of ongoing C
Sept. 12, 2021
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Samsung to defend top spot in semiconductor sales in Q3: report
Samsung Electronics Co. is expected to defend its top spot in global semiconductor sales in the third quarter of the year, a report showed Sunday, on the back of strong memory demand. Samsung, the world's largest memory supplier, was projected to log $22.32 billion in semiconductor sales in the July-September period, up 10 percent from a quarter earlier, and maintain its lead against Intel Corp., according to the latest McClean Report from market researcher IC Insights. Intel was estimated to co
Sept. 12, 2021
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LG Chem to produce biodegradable plastics with TK Chemical
LG Chem Ltd., South Korea's biggest chemical firm, said Sunday it will produce biodegradable plastics after joining hands with a smaller local chemical company in a move to expand its presence in the eco-friendly product market. Under the partnership with TK Chemical Corp., LG Chem will develop and produce poly butylene adipate-co-terephthalate (PBAT). PBAT are synthetic polymers based on fossil resources and can naturally degrade within six months after buried in soil. The two companies said th
Sept. 12, 2021
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Genesis' SUV sales exceed 100,000 units in 18 months
Genesis, the independent luxury brand of Hyundai Motor Co., sold more than 100,000 sport utility vehicles (SUV) globally in just 1 1/2 years since its SUV market debut, thanks to brisk sales at home and in North America, data showed Sunday. Genesis' SUV sales totaled 107,700 units from the launch of its first SUV, GV80, in January 2020 until the end of July this year, according to Hyundai Motor's investor relation data. Genesis rolled out its second and smaller SUV flagship GV70 in Janua
Sept. 12, 2021
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Korean firms' interim dividends surge to record high
South Korean listed companies' half-year dividends surged to a record high this year as their businesses posted strong performance, market data showed Sunday. A total of 62 local listed firms paid out 4.39 trillion won ($3.75 billion) in interim dividends in June, up 66.9 percent from a year earlier, according to the data from market tracker FnGuide. It marks the first time that listed companies' half-year dividends surpassed the 4 trillion-won mark. Half-year dividends from South Korean firms r
Sept. 12, 2021
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Doosan Infracore to raise 800 bln won via stock selling
Doosan Infracore on Friday announced that it will sell stocks to raise 800 billion won ($682 billion). The proceeds from the stock sale will be used mainly to pay off its debts and for other purposes, the company said in a regulatory filing. Doosan Infracore will issue some 115.1 million common shares at a price of 6,950 won per share. The stocks will be sold to the firm's existing shareholders. Hyundai Genuine, the holding company of Doosan Infracore, will buy up to 28.8 percent of the sto
Sept. 10, 2021
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Apple snubs Epic's request to allow return of 'Fortnite' in S. Korea after law revision
Apple Inc. on Friday rejected US game maker Epic Games Inc.'s request that its hit title "Fortnite" be rereleased in South Korea in a case that highlights a tug-of-war over lucrative payment systems on the app market. The video game maker earlier tweeted that it asked Apple to restore its "Fortnite" developer account and that it plans to relaunch the game on Apple's mobile operating system in the country in light of a new legislation that effectively allows alternative in-ap
Sept. 10, 2021
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KT’s Genie Music acquires Millie’s Library, planning expansion of audio content business
Genie Music became the largest stakeholder of Millie’s Library, an e-book service provider, as the KT-backed music-streaming platform looks to expand its audio content business. According to the company Friday, Genie Music acquired a 38.6 percent stake in the e-book firm for 46.4 billion won. Millie’s Library is a subscription-based e-book service startup. The platform is No. 1 in the South Korean market, boasting 3.5 million subscribers, some 100,000 e-book titles and some 3,000
Sept. 10, 2021
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Boston Dynamics eyes expanded partnership with Hyundai Motor
US robotics startup Boston Dynamics said Friday it will expand its partnership with South Korean automaker Hyundai Motor Group to integrate its robotics technologies in future mobility solutions and expand their applications in other industrial sectors. Boston Dynamics demonstrated its latest robotics technologies during an online media event after the automotive group in June completed the $880 million purchase of its 80 percent stake from Japanese conglomerate Softbank. Boston Dynamics, spu
Sept. 10, 2021